The Philippines’ external debt as a percentage of gross domestic product stood at 29% as of the first quarter of 2023, data released by the Bangko Sentral ng Pilipinas showed.
The central bank said the statistical adjustment, which resulted from the availability of detailed information on non-resident holdings of said securities, is in line with International Monetary Fund standards. Public sector external debt rose to $75.2 billion in the first quarter of 2023, from $67.4 billion year-on-year. This accounted for 63.3% of the total external debt.
"This was due mainly to net repayments of $1.3 billion, which offset: prior periods’ adjustments of $707 million; the net acquisition of Philippine debt securities by non-residents from residents of $251 million; and a positive foreign exchange revaluation of $59 million," the BSP said.